Suchergebnisse

AbstractSelling insurance gives insurers an incentive to manage insured risks. The "insurance-as-governance" literature demonstrates that insurers often make insurance conditional on ex ante risk reduction or mitigation. But insurance governs in support of enterprise, not security for its own sake. Tight underwriting inhibits enterprise—not only for insured businesses but also for the business of insurance. This paper highlights ex post loss reduction as a form of insurance-based governance. Drawing on interviews with industry insiders, we explore how insurers addressed the evolving problems of moral hazard, uncertainty and correlated losses since the 1990s. We find that cyber insurance developed sophisticated remedies to contain liabilities and quickly restore affected IT systems, but largely left security decisions to the insured. This facilitated enterprise in the short run but undermined security in the longer term: funding and expediting ransom payments encourages further attacks. As businesses improved their resilience, cybercriminals adapted and ransoms escalated, calling insurability into question. Yet there remains little appetite for imposing restrictive conditionality in this highly competitive market. Instead, insurers have turned to governments to contain criminal threats and cushion catastrophic losses.

Contents: The role of the life insurance company in health conservation programs, by L. K. Frankel; Co-operation between life insurance and trust companies, by E. A. Woods; Insurance of substandard lives, by Robert Henderson; Investment tendencies of life insurance companies, F. H. Ecker; Group life insurance, by W. J. Graham; Life insurance as an aid to education and philanthropy, by J. A. Stevenson; The modern life underwriter, by J. M. Holcombe, jr; Non-medical life insurance, by H. F. Larkin; Salary savings insurance, by R. L. Place; Inspection reports on persons as a factor in life insurance, by J. A. Fitzgerald; Beneficiary provisions under modern life insurance policies, by L. E. Thompson; Fraternal life insurance, by C. K. Knight.

Contents: Do we need compulsory public health insurance: yes, by I. M. Rubinow; Same: no, by R. G. Leland and A. M. Simons; Alternatives to compulsory public health insurance, by Pierce Williams.